Delays in Indradhanush rollout for PSBs draw flak

An year on, PSB executives and analysts say the plans are drifting, even as they praise the government's objective

Indradhanush set to get bigger, better

In August 2015, around the time that the Reserve Bank of India had almost firmed up its asset quality review, the government put in place the building blocks for a lease of life to public sector banks; the action plan was called Indradhanush, or rainbow.  The Indradhanush plan envisaged infusing equity worth Rs 70,000 crore through March 2019 to meet Basel III norms for capital adequacy. One year on, it is time for a status check on how it has fared at ground level.  PSB executives and analysts say the implementation has been tardy, suggesting that the plans ...